Tuesday, September 27, 2022

Huobi Global To Accept Fiat Payments for Crypto Purchases in Latin America

Seychelles-based crypto exchange Huobi Global has made yet another significant move in its quest to drive global crypto adoption. In its latest move, the exchange partnered with payments solution firm AstroPay, to allow its users in the Latin America region, to purchase cryptocurrencies with fiat currency.

According to the CFO of Huobi Group, Lily Zhang, the decision to partner with AstroPay is consistent with what the firm discovered to be an increasing number of new Huobi Global users in the Latin America region. And this is a trend that the firm intends to take full advantage of. Zhang also mentioned the firm’s focus on ensuring that users enjoy a seamless experience. She wrote:

“Our collaboration with AstroPay underscores our goal to make the purchase and trading of digital assets a secure, convenient and enjoyable experience for everyone.”

According to Huobi Global, it will begin to offer fiat on-ramp services to users in Brazil, Chile, Uruguay, Colombia, Peru, and Mexico. The exchange announced:

“Users in these countries will be able to purchase and trade through a variety of payment methods including credit and debit cards, bank transfers and local alternative options.” 

The firm also noted that users in Brazil and Mexico may also purchase cryptocurrencies using the Brazilian government’s payment system Pix and Mexico’s SPEI respectively.

Huobi Global Aims to Establish Latin American Dominance

Meanwhile, the partnership with AstroPay appears to be a strategic one. It looks to be a move by Huobi to establish itself as one of the forerunners of crypto adoption in the Latin American region.

As part of its efforts to expand its footprint in Latin America, Huobi acquired crypto exchange Bitex in May. But while it currently operates in Argentina, Chile, and Paraguay, it also revealed plans to expand into Peru and other places within the region.

About integrating fiat payments for crypto purchases, however, it is noteworthy that Huobi is not the first crypto firm to make such a move. Similarly, other big players in the crypto industry such as Bybit and MetaMask also recently enabled crypto purchases using fiat, in Latin America.

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